Litecoin LTCBTC - Near the Bottom of a Fibonacci Channel
Actualizado
Looks like we've hit the bottom of the new channel twice, and it's currently trying to break through the next level. If it fails, expect to hit the bottom again before going up (or going down and breaking out of the channel, but I don't believe it'll do that considering all the good things happening with LTC). This has likely been a "sell the news" drop, I expect it to recover and rally again pretty soon.
The red dashed line near the top is a trendline created by the biggest previous tops - so it'll be major if we break it and it turns into support.
Will update as things progress...
The red dashed line near the top is a trendline created by the biggest previous tops - so it'll be major if we break it and it turns into support.
Will update as things progress...
Nota
Just realized the red trendline I was talking about didn't show up, here it is:Nota
Wider view:Nota
Moment of truth - it's trying to decide if it wants to leave the channel right now. It's dipped out of it slightly but not in any way I'd call a breakout yet - it's fighting to stay in it. If it successfully breaks back in and starts going up again, it might be a good buy in point.Nota
Here's a closer up view. Not sure what it's going to do yet, but if it were going to try to go back up, there's a thin point on the Ichimoku Cloud that would be easy to break through.Nota
Stochastic is low on a wide range of timeframes, looking good for some UPNota
Back in the channel! Let's see if it holds up - stochastic is high on the 5 minute chart so it'll probably need to recharge, maybe test the channel boundary again, but otherwise everything else is low. Once that 5 minute stochastic hits bottom again and starts to reverse, I'm in.Nota
Trying to break through the thin part of the cloud I was talking about! But stochastic is still high on the 5m, let's see if it gains the momentum it needs...Nota
Watching closely because it's possible this might be an expanding wedge:If it doesn't break through that cloud I'll be a little worried.
Nota
looking pretty god but there is a lot of resistance, let's seeNota
Those walls are being chewed up like crazy! I think we might have successfully invalidated that broadening wedge!Nota
Testing that line - watch for opportunities to buy the dip. Low stochastic on the 5m chart might be one of themNota
still holding up really well. if we can get that stochastic back down to the bottom without making a new low, we're good to go. Even better if we get it down to the bottom without even breaking that line...Nota
Back under the line, but both the stochastic & the RSI are falling fast. Now I'm watching to see if it breaks 1) the bottom of the channel (pink line),
2) the ichimoku cloud
3) the previous low
Breaking the previous low would be bad. But otherwise, if the stochastic or the RSI bottom out without making a new low, we'll have a nice bullish divergence and it would be a great entry point once it starts to climb again.
Nota
Bounced off the bottom of the cloud, RSI getting low...Nota
still doing battle with the bottom of the channel. Stochastic is low but no divergences so far - and I'd like the stochastic on the 15min chart to get a little lower too. But overall looking like the bottom of the channel is holding up well so far. If we start pulling up and away from the bottom, I'll feel very bullish.Nota
testing the cloud again, on the edge of my seat...Nota
would be surprised if it broke downwards through the cloud in the short term, think it's going to hold the line for the moment:Nota
So it did break below the cloud, but not in any kind of worrying way and it looks set to tackle it again:Nota
Bitcoin is crashing and Poloniex is getting DDOS'ed again...someone's trying to keep alts from rallying and spook the markets.Right on a knife's edge here...if it doesn't fall lower than the last peak we have a really nice bullish divergence...if it does fall below I'll re-evaluate.
I'll start to get worried and potentially reduce my long if we break below 0.01618
Nota
palms are sweaty....mom's spaghetti...Nota
Getting some strong buy signals on the 5m and 15m charts - this may have been a short term double bottom...Nota
Blasted through the cloud & back up into the channel - 1000 btc buy wall being flashed on poloniex. That usually mean manipulation, but hey if someone's manipulating it UP that's fine with me, as long as we start getting some real power behind the rally...let's see what happensNota
Welp, that's a pretty convincing downward breakout. Reducing my position for now and waiting to see what happens
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